July 19, 2012 9:17 PM

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Crude oil rises to 7 week high in New York

Crude oil rose to a seven-week high in New York, today, after U.S. gasoline supplies unexpectedly shrank, and housing starts climbed, signaling that fuel demand may increase. Futures advanced for a seventh day, the longest run of gains since February. So West Texas Intermediate crude for August delivery gained one dollar, to 90.87 dollars a barrel in electronic trading on the NYMEX. Brent for September settlement rose 1.1 percent, at 106.28 dollars a barrel on the London-based ICE Futures Europe exchange.

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